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Only a week after its collapse, Signature Bank’s deposits and loans are set to be sold to Flagstar Bank, a subsidiary of New York Community Bancorp (NYSE:) — crypto-related deposits however, will not be part of the deal.
The United States Federal Deposit Insurance Corporation (FDIC) announced the agreement on March 19, which will see $38.4 billion worth of non-cryptocurrency-related deposits and $12.9 billion in loans taken over by the Michigan-based bank under a “purchase and assumption agreement.”
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